scholarly journals QUALITY INVESTING IN CEE EMERGING MARKETS

2014 ◽  
Vol 12 (2) ◽  
pp. 159-180 ◽  
Author(s):  
Adam Zaremba
Keyword(s):  
Balance Sheet ◽  
Quality Characteristics ◽  
Eastern European ◽  
Liquidity Premium ◽  
Cross Sectional ◽  
Bid Ask Spread ◽  
Balance Sheet Liquidity ◽  
Eastern European Countries ◽  
Profitability Premium ◽  
Monotonic Relation

Using sorting, cross-sectional tests, regression, and tests of a monotonic relation, the study examines the return patterns related to seven distinct quality characteristics: accruals, bid-ask spread, balance sheet liquidity, profitability, leverage, payout ratio and turnover. The investigation of more than 1.300 stocks from 11 Central and Eastern European countries for the period 2002–2014 documents a strong gross-profitability premium and an inverted liquidity premium. Profitable and not heavily leveraged companies provide a partial hedge against market distress. Finally, the paper proposes quality spreads as a forecasting tool and shows that they have predictive abilities over quality premiums related to leverage, profitability and bid-ask spread.

Redistribution and the Quality of Government: Evidence from Central and Eastern Europe

2020 ◽  
pp. 1-20
Author(s):  
Bilyana Petrova
Keyword(s):  
Welfare State ◽  
Public Support ◽  
Causal Mechanism ◽  
Eastern European ◽  
Cross Sectional ◽  
The Rule Of Law ◽  
Eastern European Countries ◽  
The Impact ◽  
The Welfare State

Abstract The welfare state literature has largely ignored the impact of a country's quality of government on its levels of redistribution. Using cross-sectional time-series analysis of twenty-one Central and Eastern European countries, this article shows that environments characterized by higher levels of corruption, rampant bureaucratic inefficiency and ineffective enforcement of the rule of law are associated with lower levels of redistribution. Poor government directly affects the supply side of the redistribution process by hindering countries’ ability to allocate funds to redistribution and deliver them to their beneficiaries. Contrary to existing demand-oriented perspectives, the proposed causal mechanism does not blame lower redistribution on the lack of public support for the welfare state. Rather, it focuses on the capacity of states to adopt and implement inequality-reducing policies. The results are robust to numerous extensions and model specifications.

scholarly journals Bank Liquidity Hoarding Strategies in Uncertain Times: New Evidence from an Emerging Market with Bank-level Data

2021 ◽  
Vol 12 (2) ◽  
pp. 377-398
Author(s):  
Van Dan Dang ◽  
Hoang Chung Nguyen
Keyword(s):  
Banking Sector ◽  
Emerging Market ◽  
Balance Sheet ◽  
Cross Sectional ◽  
Level Data ◽  
Balance Sheet Liquidity ◽  
The Impact ◽  
New Evidence ◽  
Multiple Robustness ◽  
Estimate Uncertainty

The paper explores the impact of uncertainty on bank liquidity hoarding, particularly providing new insights on the nature of the impact by bank-level heterogeneity. We consider the cross-sectional dispersion of shocks to key bank variables to estimate uncertainty in the banking sector and include all banking items to construct a comprehensive measure of bank liquidity hoarding. Using a sample of Vietnamese banks during 2007–2019, we document that banks tend to increase total liquidity hoarding in response to higher uncertainty; this pattern is still valid for on- and off-balance sheet liquidity hoarding. Further analysis with bank-level heterogeneity indicates that the impact of banking uncertainty on liquidity hoarding is significantly stronger for weaker banks, i. e., banks that are smaller, more poorly capitalized, and riskier. In testing the “search for yield” hypothesis to explain the linkage between uncertainty and bank liquidity hoarding, we do not find it to be the case. Our findings remain extremely robust after multiple robustness tests.

Liquidity premium and the Corwin-Schultz bid-ask spread estimate

2014 ◽  
Vol 4 (2) ◽  
pp. 168-186 ◽  
Author(s):  
Xindong Zhang ◽  
Junxian Yang ◽  
Huimin Su ◽  
Shun Zhang
Keyword(s):  
Asset Pricing ◽  
Transaction Costs ◽  
Price Impact ◽  
Current Debate ◽  
Liquidity Premium ◽  
Cross Sectional ◽  
Content Type ◽  
Bid Ask Spread ◽  
Academic Researchers ◽  
Liquidity Measures

Purpose – The purpose of this paper is to explore the price implication of a newly developed estimator of the bid-ask spread by Corwin and Schultz (2012). The paper focusses on whether the new measure as a liquidity proxy commands a significant premium. The research helps the understanding on the validity of the Corwin-Schultz estimate as a liquidity measure. Design/methodology/approach – The authors carry out their examination based on the portfolio approach, cross-sectional regressions, and time-series regressions. For comparison, the authors also adopt other three liquidity proxies and mainly rely on the Fama-French three-factor model as the benchmark. The sample includes NYSE/AMEX/ARCA/NASDAQ ordinary common stocks over 1926-2010. Findings – The paper finds that Corwin-Schultz spread lacks significant power to predict returns either in the pre- or post-1963 period. In contrast, other liquidity measures such as the price impact of Amihud (2002), trading discontinuity of Liu (2006), and turnover show stronger return predictability than the Corwin-Schultz spread estimate. Research limitations/implications – The evidence indicates the limited ability of the Corwin-Schultz spread estimate to describe liquidity. Practical implications – The comparison of the Corwin-Schultz spread with other liquidity measures helps practitioners and academic researchers to identify the appropriate proxy. Originality/value – This paper, for the first time, provides a thorough assessment of the Corwin-Schultz spread estimate as a liquidity proxy, which distinguish from Corwin and Schultz (2012) who focus on whether their spread estimate measures transaction costs. Our study not only helps practitioners and academic researchers to select an adequate liquidity measure and an asset pricing model to use, but it also sheds light on the current debate about whether transaction costs have the first order importance in asset pricing.

scholarly journals SOCIAL MEDIA USE AMONG RESEARCHERS FROM EASTERN EUROPE DURING THE COVID-19 PANDEMIC: A CROSS-SECTIONAL SURVEY STUDY

2021 ◽  
Vol 64 (1) ◽  
Author(s):  
Olena Zimba ◽  
◽  
Yaroslav Pavlovskyy ◽  
Oleh Danylyak ◽  
Nataliia Humenetska ◽  
...  
Keyword(s):  
Social Media ◽  
Eastern Europe ◽  
Survey Study ◽  
Eastern European ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Social Media Platforms ◽  
Eastern European Countries ◽  
Plum Analytics

Social media platforms are essential for online scholarly activities in the time of the COVID-19 pandemic. Their use is critical in countries of non-mainstream science. This study aimed to evaluate the role of social media in scholarly activities in Eastern Europe. We collected responses from 127 scholars from Ukraine, Poland, Lithuania, and other Eastern European countries. They mainly reported spending 1-2 hours on social media activities. ResearchGate, Facebook, and LinkedIn were the most popular channels for post-publication article promotion. Only 17.3% of respondents were familiar with metrics generated by Altmetric.com and Plum Analytics. Increasing awareness of the role of social media platforms and metrics for scholarly purposes requires more attention in Eastern Europe

scholarly journals DETECTING EARNINGS MANAGEMENT INVESTIGATION ON DIFFERENT MODELS MEASURING EARNINGS MANAGEMENT FOR EMERGING EASTERN EUROPEAN COUNTRIES

2017 ◽  
Vol 5 (11) ◽  
pp. 222-259
Author(s):  
Susana Callao ◽  
José I. Jarne ◽  
David Wróblewski
Keyword(s):  
Time Series ◽  
Earnings Management ◽  
European Countries ◽  
Economic Environment ◽  
Eastern European ◽  
Cross Sectional ◽  
The Czech Republic ◽  
Wide Range ◽  
Eastern European Countries ◽  
Post Communism

Earnings management has received considerable attention as numerous papers were investigated different hypotheses. However, there is still no consensus on how efficiently detect and measure earnings managements. Nevertheless, most authors use methodology based on accruals, sophisticated models that attempt to separate total accruals into discretionary and nondiscretionary components. We may find wide range of use of alternative models to measure earnings management. Nevertheless, the researchers typically used five the most popular models: the Jones (1991) model, the modified Jones model (Dechow, Sloan, and Sweeney, 1995), Teoh, Welch and Wong (1998) model, Kasznik (1999) model and Kothari et al. (2005) model. However, it is confirmed that the environment where the company is operating influences on the earnings management. Therefore, we focus our study on the growing market of the developing European countries. In particular, our analysis comprises four different and independent samples from emerging Eastern European countries: Poland, Hungary, Slovakia and the Czech Republic, since earnings management in Eastern European countries is still barely explored. Consequently, our objective is to evaluate the ability of the existing models on earnings management for the environment of countries from the East of Europe. Our results confirm that the Jones (1991), Shivakumar (1996), Kasznik (1999) and Yoon and Miller model (2002) offers the most reliable results for detecting earnings management in emerging Eastern European post-communism economic environment. Additionally, based on broad analyses the results indicate that there is no superiority of the cross-sectional models vis-à-vis their time-series counterparts. Both methodologies are consistent in detecting earnings management for Eastern European companies. Therefore, we verified the importance of the previous evaluation of the ability of each model for detecting earnings management before its application. It is because each economic environment has different peculiarities and circumstances, as observed in case of our developing European countries.

Pragmatic Language Performance of Children Adopted Internationally

2019 ◽  
Vol 28 (2) ◽  
pp. 501-514
Author(s):  
Deborah A. Hwa-Froelich ◽  
Hisako Matsuo
Keyword(s):  
Social Communication ◽  
False Belief ◽  
Pragmatic Language ◽  
Eastern European ◽  
Language Performance ◽  
Emotion Identification ◽  
False Belief Understanding ◽  
Quasi Experimental ◽  
Pragmatic Communication ◽  
Eastern European Countries

Purpose Pragmatic language is important for social communication across all settings. Children adopted internationally (CAI) may be at risk of poorer pragmatic language because of adverse early care, delayed adopted language development, and less ability to inhibit. The purpose of this study was to compare pragmatic language performance of CAI from Asian and Eastern European countries with a nonadopted group of children who were of the same age and from similar socioeconomic backgrounds as well as explore the relationship among emotion identification, false belief understanding, and inhibition variables with pragmatic language performance. Method Using a quasi-experimental design, 35 four-year-old CAI (20 Asian, 15 Eastern European) and 33 children who were not adopted were included in this study. The children's pragmatic language, general language, and social communication (emotion identification of facial expressions, false belief understanding, inhibition) were measured. Comparisons by region of origin and adoption experience were completed. We conducted split-half correlation analyses and entered significant correlation variables into simple and backward regression models. Results Pragmatic language performance differed by adoption experience. The adopted and nonadopted groups demonstrated different correlation patterns. Language performance explained most of the pragmatic language variance. Discussion Because CAI perform less well than their nonadopted peers on pragmatic communication measures and different variables are related to their pragmatic performance, speech-language pathologists may need to adapt assessment and intervention practices for this population.

European Integration

2020 ◽  
Author(s):  
Johann P. Arnason
Keyword(s):  
European Integration ◽  
Eastern European ◽  
The European Union ◽  
Historical Processes ◽  
History Of ◽  
External Conditions ◽  
Eastern European Countries ◽  
Totalitarian Regimes ◽  
The Eu

Different understandings of European integration, its background and present problems are represented in this book, but they share an emphasis on historical processes, geopolitical dynamics and regional diversity. The introduction surveys approaches to the question of European continuities and discontinuities, before going on to an overview of chapters. The following three contributions deal with long-term perspectives, including the question of Europe as a civilisational entity, the civilisational crisis of the twentieth century, marked by wars and totalitarian regimes, and a comparison of the European Union with the Habsburg Empire, with particular emphasis on similar crisis symptoms. The next three chapters discuss various aspects and contexts of the present crisis. Reflections on the Brexit controversy throw light on a longer history of intra-Union rivalry, enduring disputes and changing external conditions. An analysis of efforts to strengthen the EU’s legal and constitutional framework, and of resistances to them, highlights the unfinished agenda of integration. A closer look at the much-disputed Islamic presence in Europe suggests that an interdependent radicalization of Islamism and the European extreme right is a major factor in current political developments. Three concluding chapters adopt specific regional perspectives. Central and Eastern European countries, especially Poland, are following a path that leads to conflicts with dominant orientations of the EU, but this also raises questions about Europe’s future. The record of Scandinavian policies in relation to Europe exemplifies more general problems faced by peripheral regions. Finally, growing dissonances and divergences within the EU may strengthen the case for Eurasian perspectives.

Knowledge about basic life support in European students

2014 ◽  
Vol 155 (21) ◽  
pp. 833-837 ◽  
Author(s):  
József Marton ◽  
Attila Pandúr ◽  
Emese Pék ◽  
Krisztina Deutsch ◽  
Bálint Bánfai ◽  
...  
Keyword(s):  
Basic Life Support ◽  
Life Support ◽  
European Countries ◽  
Eastern European ◽  
Knowledge And Skills ◽  
European Students ◽  
Western European ◽  
Eastern European Countries ◽  
European Youth

Introduction: Better knowledge and skills of basic life support can save millions of lives each year in Europe. Aim: The aim of this study was to measure the knowledge about basic life support in European students. Method: From 13 European countries 1527 volunteer participated in the survey. The questionnaire consisted of socio-demographic questions and knowledge regarding basic life support. The maximum possible score was 18. Results: Those participants who had basic life support training earned 11.91 points, while those who had not participated in lifesaving education had 9.6 points (p<0.001). Participants from former socialist Eastern European countries reached 10.13 points, while Western Europeans had average 10.85 points (p<0.001). The best results were detected among the Swedish students, and the worst among the Belgians. Conclusions: Based on the results, there are significant differences in the knowledge about basic life support between students from different European countries. Western European youth, and those who were trained had better performance. Orv. Hetil., 2014, 155(21), 833–837.

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